Adding An Additional Income Stream To Your Business
October 21st, 2013 by Diane Conklin under Business - General. No Comments.
When considering when to add additional income streams in your business, timing is critical. And, the right time depends on where you currently are in your business.
Before adding additional income streams to your business, you need to really focus and hone in on the one thing you’re uniquely good at, or the one thing people know you for the best. When you get to that point is when you should be thinking about what’s next. Before you’re clear about these things, it would be premature to think about adding an income stream to your business, as it would more than likely fail.
As you evolve in your business, the next income stream will become clear and apparent.
When deciding on your next income stream, it’s important for you to consider income streams within the core area of your business. It’s not logical to think you can add additional streams of income in different business areas especially if you’re new to business as a whole.
For example, if your core business is Information Marketing, it’s probably not reasonable to start your additional streams of income in the real estate business and then add stocks and bonds to that. You probably won’t be able to concentrate fully on three completely different business areas at the same time, and do them all well.
A more effective strategy is to take your core stream of business, Information Marketing, and look for ways to make additional streams of income within that core area.
So, with Information Marketing as an example, you might start with a particular product and build your business with a video or audio course that you sell online. As that income stream grows, and is successful, you can add direct mail to your services. As you perfect those income streams and they begin to run smoothly and make money, you can add coaching services, or a done-for-you service to your income stream, then maybe event planning, and so on. Each of these areas within Information Marketing is an additional income stream to your core business; however, they are an extension of your core area, and not a completely new area of business.
Concentrate and hone in on each of these areas and build each one to the point where it’s running smoothly and making money before you add the next piece. Focusing on a few additional income streams within your core business is the key to building your six and seven figure business.
